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Informist, Tuesday, Sept. 22, 2026

--J&K Bk: Inked pact with 4 entities to sell PNB Metlife 0.5% stake

--J&K Bk: Inked pact to sell PNB Metlife 0.5% stake for INR 1.2 bln

NEW DELHI – Jammu and Kashmir Bank Ltd. has signed an escrow agreement with MetLife International Holdings, LLC and three Barclays Group arms to sell its 0.5% stake in PNB Metlife India Insurance Company Ltd. for INR 1.2 billion. The bank will sell its 0.5% stake in PNB Metlife at INR 117.20 per share, the lender informed exchanges Monday. 

The three Barclays Group arms participating in the transaction are Barclays Securities (India) Pvt. Ltd., Barclays Wealth Trustees (India) Pvt. Ltd. and Barclays Bank PLC. The bank said it does not have any shareholding in the entity with whom the agreement is executed, according to the filing.

Under the escrow agreement, Barclays Wealth Trustees (India) has been appointed as the share escrow agent and Barclays Bank PLC as the cash escrow agent. These entities – Barclays Wealth Trustees and Barclays Bank PLC - have been appointed for the deposit and transfer of the equity shares and purchase consideration, respectively. The agreement will secure the interests of both parties, it said.

"...no special rights have been assigned" to either share escrow agent or the cash escrow agent, the bank said. The transaction is not a related party transaction, the filing said.

The bank had entered into a share purchase agreement with MetLife International Holdings on Jul. 17 to sell 0.5% stake in PNB Metlife. For the June quarter, the bank had reported a net profit of INR 4.24 billion on a total income of INR 37.60 billion. Monday, shares of Jammu and Kashmir Bank ended at INR 145.95 on the National Stock Exchange, down 0.4% from the previous close.  End

Reported by Shweta

Edited by Akul Nishant Akhoury

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